Suppose there are 20 consumers for a good and they have identical demand d p -10-3 p for any price less than or equal to 10-3 and d 1 p -0 at any price greater than 10-3- What is the market demand function-

In the given demand function, the consumers demand only when price is either less than or equal to 10/3. Therefore, market demand will be (d) Market demand (p) ...

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Standard XI

Accountancy

Definition of Accounting

Suppose there...

Question

Suppose there are 20 consumers for a good and they have identical demand d(p) = 10 - 3p for any price less than or equal to $\frac{10}{3}$ and $d_{1}$ (p)=0 at any price greater than $\frac{10}{3}$ . What is the market demand function?

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Solution

In the given demand function, the consumers demand only when price is either less than or equal to $\frac{10}{3}$ . Therefore, market demand will be

(d) Market demand

(p) = 20[d(p)]

(p) = 20(10 - 3p)

(p) = 200 - 60p

for any price less than or equal to $\frac{10}{3}$ .

Market demand (p) = 0 at any price greater than $\frac{10}{3}$ .

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Similar questions

Suppose there are 20 consumers for a good and they have identical demand functions:

D(p) = 10 − 3p for any price less than or equal to and d₁(p) = 0 at any price greater than .

What is the market demand function?

Suppose there are two consumers in the market for a good and their demand functions are as follows:

d₁(p) = 20 − p for any price less than or equal to 20 and d₁(p) = 0 at any price greater than 20.

d₂(p) = 30 − 2p for any price less than or equal to 15 and d₁(p) = 0 at any price greater than 15.

Find out the market demand function.

Suppose there are three consumers in a particular market : Ashok, Mohan and Jay. Their demand schedules are given in the following table :

$\begin{matrix} Price & Quantity Demanded & Quantity Demanded & Quantity Demanded by Ashok & by Mohan & by Jay 1 & 60 & 55 & 24 2 & 50 & 40 & 13 3 & 40 & 25 & 5 4 & 30 & 10 & 0 5 & 20 & 0 & 0 \end{matrix}$

(i) Derive the market demand schedule.

(ii) Suppose Mohan drops out of the market. Derive the new market demand schedule.

(iii) Suppose Mohan stays in the market and another person, Bhim, joins the market, whose quantity demanded at any given price is half of that of Ashok. Derive the new market demand schedule.

Q. Consider the demand curve

D (p) = 10 - 3 p

. What is the elasticity at price

\frac{5}{3}

Q. Consider a market where there are just two consumers and suppose their demands for the good are given as follows:

p	$d_{1}$	$d_{2}$
1	9	24
2	8	20
3	7	18
4	6	16
5	5	14
6	4	12

Calculate market demand for the good.

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Suppose there are 20 consumers for a good and they have identical demand d(p) = 10 - 3p for any price less than or equal to 103 and d1 (p)=0 at any price greater than 103. What is the market demand function?

In the given demand function, the consumers demand only when price is either less than or equal to 103. Therefore, market demand will be (d) Market demand (p) = 20[d(p)] (p) = 20(10 - 3p) (p) = 200 - 60p for any price less than or equal to 103. Market demand (p) = 0 at any price greater than 103.

Suppose there are 20 consumers for a good and they have identical demand d(p) = 10 - 3p for any price less than or equal to $\frac{10}{3}$ and $d_{1}$ (p)=0 at any price greater than $\frac{10}{3}$ . What is the market demand function?